TicketMint Enters Strategic Partnerships To Transform Smart Ticketing Industry

Online ticketing platform TicketMint, a SmartLedger solution, has entered into three strategic partnerships to offer purchasers with collectible NFT tickets to concerts, plays, musicals, sports games, and other events, and provide event organizers with in-house promotion and marketing tools.

Before taking the ticketing and events industry to a whole new level, SmartLedger has had to choose an efficient and practical technology to build TicketMint on. Building on the BSV blockchain with its powerful capabilities of the rock-solid Bitcoin protocol and limitless scaling allows TicketMint to resolve the chronic problems of the ticketing industry.

Ticketing on Blockchain

While blockchain has been gaining ground in the past couple of years as a viable technology that can help improve systems and processes of different kinds of industries at a global scale, adoption is not yet on a mainstream level.

And this is what makes TicketMint a pioneer in ticketing on blockchain, being able to provide a new and more efficient way of issuing tickets to events. Because TicketMint has built on the stable and scalable BSV blockchain, it resolves system crashes, fraud, and expensive service fees.

How so? A scalable blockchain means data blocks will continuously get bigger, throughput will constantly increase, and transaction fees will decrease. A 2GB block has already been mined on the BSV blockchain, and throughput will increase to over 50,000 transactions per second (tps) when the Teranode update is released in the coming months.

The fee per transaction for BSV is already down to less than a cent; after the Teranode update is in effect, it is expected to be lowered to mere fractions of a penny. Compared to ETH’s maximum of 30 tps, current average fee of $24.07, and frequent network crashes, it is obvious why SmartLedger chose BSV for TicketMint. It is efficient and a lot cheaper than other blockchain providers.

Because all data recorded on the blockchain, a distributed and decentralized public ledger, is timestamped and immutable, it can provide a verifiable and auditable transaction history that fraudulent activities cannot alter.

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Tickets as Collectible NFTs

Because building on a scalable blockchain resolves longstanding problems of the ticketing industry, TicketMint is then able to move on to issuing tickets as collectible NFTs to tackle ticket scalping and add value for consumers.

NFTs (non-fungible tokens) are certificates of ownership to one-of-a-kind and indivisible tokens that exist on the blockchain. Smart contract rules specified by the issuer can be enforced on NFTs, allowing for non-transferability of ownership if one wishes and for NFTs to gain or lose properties over time.

For instance, an in-game object can become an NFT, the ruleset of which makes it possible for the object to gain or lose value as the game progresses. When applied to event ticketing, a price ceiling can be implemented on NFT tickets. Transfer of ownership can occur several times, restricting reselling of tickets and scalpers pricing tickets too high.

And by making all tickets collectible NFTs, TicketMint can add value to events. Not only will fans get to attend their favorite events, but they are also given NFT tickets that they can appreciate in the future.

“Until recently, it hasn’t been economically feasible to use NFTs or blockchain for real-world utility due to network congestion and high transaction fees. By utilizing a stable, secure, scalable, and sustainable public blockchain with tokenization, micropayments, smart contracts, and meta-infused NFTs, a whole world of new capabilities and efficiencies are now available,” Bryan Daugherty, co-founder, chairman and technical advisor of SmartLedger, revealed in a press release.

It is much like collecting memorabilia of famous music artists. A 1927 World Series ticket was auctioned off for over $41,000, while a 1964 Beatles concert ticket was sold for more than $16,000. By issuing collectible NFT tickets, TicketMint is giving fans the opportunity to keep, sell or trade tickets that may become very valuable.

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Branded Content, a Virtual Street Team and Experiential Reality

As if being able to offer collectible NFTs as tickets, TicketMint is taking it three steps further by partnering with firms to provide fans with a more meaningful event experience and offer production companies and event organizers a one-stop-shop for marketing and promotion needs.

Epik, a digital asset production and distribution firm, collaborates with more than 1,000 brands, celebrities, and artists. Not only does Epik give TicketMint access to its roster of clients, but it also brings with it the depth of its experience in licensing and digital merchandising.

“The team at Epik has experience bringing global brands such as Universal, Warner Music group, World of Dance, and Ultraman, into the digital world and Metaverse. This strategic partnership offers an entryway for artists, venues, and brands to create unique collectible NFT tickets for access to real-world and virtual events—even backstage,” SmartLedger Co-Founder and CEO Shawn Ryan said.

Influencer promotion marketplace TonicPow allows TicketMint clients the choice to use a “virtual street team” by incentivizing social media influencers to promote their events. Incentives do not necessarily come in the form of money, they may also be packaged as discounts and other unique rewards that will attract influencers.

Partnering with Transmira, on the other hand, provides TicketMint with an avenue to market and promote events through Omniscape XR, a location-based experiential reality platform. Geo-located ads, coupons, vouchers, and other forms of marketing tools in Omniscape XR can be redeemed in the real world.

“Offering built-in campaign creation and a referral system for ticket issuers will allow influencers, fans, and gig workers the ability to receive instant micropayments of Bitcoin for helping to spread the word. TicketMint will offer new ways for ticket issuers to promote their events and engage their fans, including exclusively minted, redeemable, and collectible NFT tickets for real-world and virtual events,” Smartledger Chief Development Officer Gregory Ward said.